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Jbird
Iowa Fan
In Odramaville with EthanL
Member since Oct 2012
13839 posts

Earned Income Tax Credit or Facebook's fair share


I wonder how much money this a-hole gave Odrama?
$429 Million EITC basically for the facebook millionaires.
LINK



This post was edited on 2/16 at 9:54 am



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Reubaltaich
USA Fan
A nation under duress
Member since Jun 2006
2250 posts

re: Earned Income Tax Credit or Facebook's fair share


It's barry's 'balanced' approach to reducing the deficit.





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Gmorgan4982
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Member since May 2005
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re: Earned Income Tax Credit or Facebook's fair share


quote:

$429 Million EITC basically for the facebook millionaires.
Huh?






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Jbird
Iowa Fan
In Odramaville with EthanL
Member since Oct 2012
13839 posts

re: Earned Income Tax Credit or Facebook's fair share


This is in essence no different than the EITC.

Even though Facebook (FB) reported $1.1 billion in pre-tax profits from U.S. operations in 2012, it will probably pay zero federal and state taxes—and even receive a federal tax refund of about $429 million






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Zach
LSU Fan
Member since May 2005
61062 posts

re: Earned Income Tax Credit or Facebook's fair share


Speaking of welfare, my wife heard an audio on a radio comedy show this morning. I think it was Bob and Tom. Anyway, someone posing as a news reporter went into a welfare office and interviewed people waiting in line with the questions:

"What do you think of the Cruise Ship getting stranded? Does that make you hesitant to go on a cruise? Have you ever been on a cruise?"

A LOT of people told of the cruises they've already been on and when they plan on taking their next cruise.






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Gmorgan4982
LSU Fan
Member since May 2005
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re: Earned Income Tax Credit or Facebook's fair share


So are you saying that we should abolish the federal income tax?





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Jbird
Iowa Fan
In Odramaville with EthanL
Member since Oct 2012
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re: Earned Income Tax Credit or Facebook's fair share








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arseinclarse
LSU Fan
Chocolate City
Member since Apr 2007
13456 posts

re: Earned Income Tax Credit or Facebook's fair share


Rename thread. Include Facebook's fair share.





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Jbird
Iowa Fan
In Odramaville with EthanL
Member since Oct 2012
13839 posts

re: Earned Income Tax Credit or Facebook's fair share


Good point





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Jbird
Iowa Fan
In Odramaville with EthanL
Member since Oct 2012
13839 posts

re: Earned Income Tax Credit or Facebook's fair share


No kidding, neighbor's daughter $5,563 in tax return, her and the baby daddy were rocking a new TV and blueray player by lunch time. She was oh so boastful about her EITC this year.





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Layabout
UNO Fan
Baton Rouge
Member since Jul 2011
5875 posts

re: Earned Income Tax Credit or Facebook's fair share


quote:

I wonder how much money this a-hole gave Odrama?

Sounds like a loophole that has been around for a while, probably going back to the Reagan tax cuts. It was tightened somewhat in 2006 but remains as one of the most egregious ways of avoiding corporate taxes.

Predictably, the fools here will pile on and claim it's Obama's fault.






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Zach
LSU Fan
Member since May 2005
61062 posts

re: Earned Income Tax Credit or Facebook's fair share


I hear it on judge shows. "I wuz gonna pay her back when I got my taxes."
And it's being pitched by car dealerships. "When you get your taxes, come to Bob's Chevy and put it down on this brand new pick up truck."






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Reubaltaich
USA Fan
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Member since Jun 2006
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re: Earned Income Tax Credit or Facebook's fair share


quote:

Layabout


What a hack






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Jbird
Iowa Fan
In Odramaville with EthanL
Member since Oct 2012
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re: Earned Income Tax Credit or Facebook's fair share


Meh couldn't work in an its Bush's fault? Got a link to the Reagan's fault you claim?





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Jbird
Iowa Fan
In Odramaville with EthanL
Member since Oct 2012
13839 posts

re: Earned Income Tax Credit or Facebook's fair share








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Layabout
UNO Fan
Baton Rouge
Member since Jul 2011
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re: Earned Income Tax Credit or Facebook's fair share


quote:

Meh couldn't work in an its Bush's fault? Got a link to the Reagan's fault you claim?


I don't have the time or the inclination to trace the tax code back to the 80s but the Center for Tax Justice which was the source for the original link says that the rules under which this was done have been around since 2006 and were even more lenient before then.

LINK






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Jbird
Iowa Fan
In Odramaville with EthanL
Member since Oct 2012
13839 posts

re: Earned Income Tax Credit or Facebook's fair share


Cool too bad it wasn't fixed by someone or some entity that as a group has banged the drum for a few years about making these people pay, you know like Facebook or say GE.





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Reubaltaich
USA Fan
A nation under duress
Member since Jun 2006
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re: Earned Income Tax Credit or Facebook's fair share


quote:

Layabout

I don't have the time or the inclination to trace the tax code back to the 80s but the Center for Tax Justice which was the source for the original link says that the rules under which this was done have been around since 2006 and were even more lenient before then


So tell me then, barry has been prez for 4 years now, the dems had the House & Senate for two years, barry & the dems has had the WH & the Senate since 2008.

WHY has this not been fixed?






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SlowFlowPro
Stanford Fan
Simple Solutions to Complex Probs
Member since Jan 2004
286830 posts

re: Earned Income Tax Credit or Facebook's fair share


quote:

This is in essence no different than the EITC.

well they're using stock options as an expense to lower their profit and the EITC is just a random credit people get, so i don't see the connection






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lsu13lsu
LSU Fan
Member since Jan 2008
1548 posts

re: Earned Income Tax Credit or Facebook's fair share


quote:

Layabout


So it is okay because it has always been that way? I am not following you.






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